Main Line PA Local Market Update October 2020. So what’s happening locally in Montgomery County, Delaware County, and Chester County Real Estate Market. Everyone wants to know. Is it a good time to buy? Should I sell it? It can be so confusing with all the news whether it be positive or negative who to believe or what’s the best choice. I totally understand, I’m in the industry and I even find myself feeling anxious about it. But let’s look at the data of what’s happening so that we can make an educated decision.
First off, according to real estate experts and advisors anytime you have inventory levels, meaning the number of active homes on the market, that are at 6 months of inventory or below, we are in a seller’s market. And anytime we have inventory levels, the number of active homes on the market that is Above six months, that we are in a buyers market. It’s sort of like the supply and demand theory, when there is a lot of supply of something and it’s easy to get, you can’t sell it for more money, more often you’ll have to lower the price in order to compete with all of the competition. But when there is a limited supply, then the prices go up. So let’s see what inventory levels are doing here locally.
Is it a good time to sell here in Radnor Township, in the month of October there were 130 active listings and 31 closed which gives an absorption rate of 4.1 – which means if no more inventory came on the market all inventory would be sold within 4 months? In Tredyffrin Township there were 194 active listings and pending listings and 80 properties closed that would give you an absorption rate of 2.4 which means properties will be sold in two and a half months if no new properties were put on the market. in Lower Merion Township there were 280 active listings and a hundred and one sold which puts no sorption rate of 2.7 which shows us we are in a VERY STRONG seller’s market.
So here in all areas, we have very low inventory and strong buyer demand. It’s a great time to sell as we are experiencing bidding wars and homes being sold above list price in almost every case. Feel free to reach out to us at no cost or risk for a hassle-free strategy session. I’m looking forward to hearing from you and as always Kimmy Rolph sells the Main Line and local areas.
